To help CCI recover penalties from defaulters in a more effective manner, the government has amended the Competition Commission of India (Manner of Recovery of Monetary Penalty) Amendment Regulations. While these regulations provide for the CCI to levy a simple interest on unpaid penalty amount, the details of the same were not explicitly mentioned in demand notices so far. Pursuant to the latest amendment, notified on July 30, the demand notice issued to defaulters would now specifically mention that the any default in payment of the penalty would attract a penal interest of 1.5 per cent per month.
The information in this private circulation is not legal advice and should not be treated as such. The information is taken from public domain and is purely for private and non- commercial purposes. We do not represent that the information is correct, accurate, complete or non- misleading.
This disclaimer will be governed by and construed in accordance with laws of India, and any disputes relating to this disclaimer will be subject to the exclusive jurisdiction of the courts of the Republic of India.